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Latvian government introduces €73 Million EU-Backed support program to foster innovation in SMEs

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The Latvian Investment and Development Agency (LIAA) has unveiled a new EU Structural Fund-backed support program, valued at over €73 million, aimed at empowering small and medium-sized Latvian enterprises to foster innovation in their businesses. With the goal of supporting 1,500 companies, the program will focus on high-value-added creation in the medium-high and high-tech fields, aligning with Latvia’s National Industrial Policy and Smart Specialisation Strategy objectives. The program offers three key activities: innovation motivation support, business incubation assistance, and export support, envisioning a 12% growth in turnover and a 20% increase in exports or EUR 0.6 billion annually from 2024 to 2029. Furthermore, it aims to create 1,000 new jobs and bolster the nation’s position in international markets, demonstrating Latvia’s commitment to a thriving innovation-driven economy.

The aid program comprises three essential activities: innovation motivation support, business incubation assistance, and export support. These activities are strategically designed to nurture a favorable environment for businesses to flourish and thrive, opening new avenues for economic progress.

According to the Ministry of Economics (EM), the aid program’s implementation will pave the way for at least 300 companies to materialize their groundbreaking ideas. Additionally, the program aims to bolster the supported companies’ turnovers by an impressive 12% and increase exports by 20% or EUR 0.6 billion annually between 2024 and 2029.

The support program will extend its reach to 700 exporting companies, further solidifying Latvia’s presence in international markets. The ambitious goal of creating 1,000 new jobs reflects the program’s commitment to driving employment growth and stimulating the nation’s workforce.

This bold initiative by the Latvian government signifies its dedication to fostering an innovation-driven economy and ensuring the sustained growth of its small and medium-sized enterprises. With the backing of the EU Structural Fund, the program is poised to make a significant impact on Latvia’s economic landscape, providing a stepping stone for the nation’s businesses to reach new heights of success and global recognition.

In conclusion, the €73 million EU-backed support program is a promising stride towards nurturing a culture of innovation and entrepreneurship within Latvia. As the program rolls out, it is anticipated to invigorate the business landscape, fueling economic progress, and solidifying the nation’s position in the global market.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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